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General Level 1 Licensing > Insurance Industry Knowledge > Flashcards

Insurance Industry Knowledge Flashcards

1
Q

CIP stands for…

A

Chartered Insurance Professionals

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2
Q

how many courses are required to pass CIP course?

A

10
5 mandatory
3 required (available streams: claims, UW, broker streams)
2 elective

and one year industry knowledge

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3
Q

who offers the CIP program?

A

Insurance Institute of Canada

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4
Q

what does IBAA stand for

A

insurance brokers association of alberta

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5
Q

what does IBAA offer?

A

CAIB

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6
Q

how many programs make up CAIB designation?

A

4

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7
Q

what does IBAC stand for?

A

Insurance brokers association of canada

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8
Q

who does NOT offer CE credits?

A

insurance bureau of canada

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9
Q

what does the insurance bureau of canada do?

A

consumer education

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10
Q

what does PACICC stand for>

A

property and casualty insurance compensation corporation

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11
Q

Everything insurance related in Alberta reports to who?

A

the Minister of Finance in province of Alberta

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12
Q

superintendent of insurance oversees:

A

-banks (deputy superintendent)
-trust companies (deputy superintendent)
-life insurance companies (deputy superintendent)
-general insurance companies (deputy)

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13
Q

what is the responsibility of the Deputy Superintendent?

A

to market conduct and compliance
and reports to Superintendent of Insurance

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14
Q

what does OSFI stand for?

A

office of the superintendent of financial institutions

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15
Q

what is the responsibility of the OSFI?

A

measuring solvency of ANY federally incorporated insurer

-ex: desjardins or intact

-if a company is bankrupt, PACICC helps the client

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16
Q

what does the Provincial Superintendent of Insurance do?

A

-approves policy wordings
-oversees insurance licensing (through AIC)
-measures solvency of Alberta Insurance Companies (provincial) (ex: AMA)

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17
Q

what are the certificate terms for continuing education?

A

“certificate term” means July 1-June 30

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18
Q

once licensed, how many hours, broker/agent must complete how many hours of approved CE courses/.

A

15

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19
Q

how many CE hours are able to be carried over to next term?

A

7.5

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20
Q

agents who sell what type of insurance are not required to complete CE hours?

A

agents and adjusters who only deal with hail/travel insurance/equipment/ livestock

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21
Q

what is the General Insurance Council made up of?

A

volunteer brokers and managers from insurance companies

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22
Q

what is the role of the General Insurance Council?

A

to decide on exam content, help make decisions in the industry

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23
Q

does the GIC report to the AIC?

A

no, but use their admin for support

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24
Q

why would an agent/broker need Level 2?

A

to work unsupervised

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25
what criteria must be met for an agent/broker to qualify for Level 3?
must have held level 2 for at least 24 of 36 previous months
26
what is the AIRB?
alberta insurance rating board
27
what does AIRB do?
-reports to minister of finance -handles the Grid Rate Calculator
28
the grid applies to what auto coverage sections?
only mandatory sections, A and B
29
as drivers gain experience and drive without claims and convictions.
their premiums decrease annually
30
inexperienced drivers are those who have less than how many years driving experience?
less than 8 years
31
inexperienced drivers who have completed driver training start at what grid step level and percent discount on premium?
-step -2, 10% below entry level
32
each year without an at-fault claim in 3rd party liability coverage, the driver receives a futher ______to_____% reduction in base premium.
5-50
33
each at fault claim moves driver up how many steps on the grid?
5
34
convictions and at fault claims could result in ...
surcharges on premium
35
what is another word for the all-comers rule?
adverse contractual action
36
what is the all-comers rule?
by law, insurers must offer at least a quote for mandatory coverages in Alberta (A&B)
37
what type of auto coverage does the all comers rule apply to?
personal auto
38
what is the only circumstance under which an insurer can deny a potential insured coverage?
if have really bad credit
39
what does PIPEDA stand for?
personal information protection and electronic documents act
40
what does PIPEDA do?
requires organizations to develop processes to ensure that private information they have about customers and employees is safeguarded and not improperly disclosed to others. if a business fails to exercise due diligence in this regard, they could be held liable under a civil proceeding.
41
individuals may file a complaint with who if an organization is in violation of PIPEDA?
the privacy commissioner
42
in appendix A of PIPEDA, the Insurance Act sets out 10 privacy protection principles that must be followed by organizations. what are they?
accountability identifying purposes consent limiting collection limiting use, disclosure and retention accuracy safeguards openness individual access challenging compliance
43
what does PIPA stand for?
personal information protection act
44
what does PIPA do?
-applies to private commercial organizations in the province of alberta
45
when could PIPA authorize collection of personal information without consent?
an employer may collect, use, or disclose employee information without consent if reasonably required in the employer-employee work relationship
46
PIPA is the _____________ ______________ to PIPEDA
provincial counterpart
47
both PIPA and PIPEDA govern...
the private sector and mandate how personal information may be collected, used and disclosed
48
what is FOIPP?
freedom of information and protection of privacy act
49
what does FOIPP do?
applies to all PUBLIC bodies rather than private organizations in the province of AB. -governs how public bodies may collect, use or disclose personal info
50
what are some examples of public bodies governed by FOIPP?
govt ministries police municipalities universities colleges school boards
51
what does ULC stand for?
underwriter laboratories of Canada
52
does ULC do?
not for profit safety organization involved in testing, inspection and certification of equipment/devices/ materials -insurers will often insist that a device be ULC approved before agreeing to insure the risk
53
what does CSIO stand for?
centre for study of insurance operations
54
what does CSIO do?
-association of general insurers, brokers and software providers -their primary focus is the development and maintenance of software solutions to provide a competitive advantage to the broker distribution system by improving its efficiency helps brokers and insurers become more efficient
55
what is an example of something CSIO completed?
pink cards on phone in AB
56
what does the insurance institute of canada do?
not for profit organization that provides education and professional development oppportunities -offers CIP, ACIP, FCIP
57
what does the insurance brokers association of canada do?
not for profit trade org provides brokers with professional development opportunities -offers CAIB, CCIB, CPIB
58
what does CICMA stand for?
canadian insurance claims managers association
59
what does CICMA do?
provides company claims managers with an opportunity to share best practices -administers the Canadian Inter-Company Arbitration Agreement -when insurance companies who are signatory to the agreement have disputes with each other, such disputes are arbitrated by the Agreement
60
what does CIAA stand for?
canadian independent adjusters' association
61
what does the CIAA do?
provides leadership and representation of independent adjusters' collective interest to the public, govt and industry on a regional , provincial and national level. offers Chartered loss adjusters and fellow chartered loss adjusters designations
62
in AB, independent adjusters must hold...
a certificate of Authority as required by the insurance act
63
what does ICLR stand for?
institute for catastrophic loss reduction
64
what does the ICLR do?
-affiliated with university of western ontario -focuses on risk management practices to reduce human suffering and loss of life as well as the financial impact of catastrophic natural disasters -researches cost effective ways to build stronger structures that can withstand severe weather or other natural events
65
what is CADRI?
canadian association of direct relationship insurers
66
CADRI is made up of which representative direct writing insurance companies?
allstate belair direct co-operators desjardins TD RBC
67
what does CADRI do
focuses on enabling innovation to provide service and products in the manner consumers want promotes a competitive market where the fair treatment of customers is held in high regard -voice of DW is heard through CADRI
68
what does RIMS stand for
risk and insurance management society
69
what does RIMS do
focuses on risk management issues and education

General Level 1 Licensing (23 decks)

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